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The European Union and the United States have concluded negotiations to adjust their agricultural quotas following the UK’s withdrawal from the EU.
The agreement is the culmination of two years of negotiations in the WTO framework to divide these EU quotas, from the UK’s, based on recent trade flows. The agreement covers dozens of quotas and billions of euros of trade in agricultural goods, it preserves the original volume originally agreed between the EU28 and the US.
The EU and UK conducted separate negotiations with the US, but under a previously agreed joint approach, which ensured that the overall volume of the EU and UK would not exceed the original EU28 volume. It is thought that this approach contributed to the success of these negotiations. That the US has agreed to this will be a sign to other WTO partners who have sought compensation for the new barrier caused by Brexit be requesting larger volumes.
Commenting on the agreement reached in principle, Agriculture Commissioner Janusz Wojciejowski said: “I am delighted we have reached an agreement with our most important trade partner the US. This sends a good signal of our commitment to work together both bilaterally and in the WTO framework. I want to thank my team and our US colleagues for a job well done.”
The EU is conducting similar tariff rate quotas (TRQ) apportionment negotiations with twenty-one other partners having rights to access these quotas, and has concluded negotiations already with Argentina, Australia, Norway, Pakistan, Thailand, Indonesia and others.
Once the Commission has adopted the EU-US Agreement, it will then be sent to the Council and European Parliament for ratification, so that it can enter into force as soon as possible.
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